Articles on this Page
- 02/22/18--12:26: _MassBike looks for ...
- 02/22/18--12:43: _Couple retires from...
- 02/23/18--08:27: _Dainese Trail Skins...
- 02/23/18--09:53: _SRAM neutral race s...
- 02/23/18--10:08: _PeopleForBikes line...
- 02/26/18--09:51: _Spokes Etc. to take...
- 02/26/18--11:23: _BSD introduces MAP ...
- 02/26/18--11:38: _Park Tool crosses 1...
- 02/26/18--12:04: _Camber Outdoors tak...
- 02/26/18--13:48: _E-Thirteen revamps ...
- 02/26/18--14:20: _Bell, Giro, CamelBa...
- 02/26/18--16:59: _Former owner purcha...
- 02/26/18--17:09: _Do your customers c...
- 02/27/18--08:25: _Fallbrook Technolog...
- 02/27/18--08:41: _Former retailer Set...
- 02/27/18--12:12: _Po Campo combines b...
- 02/27/18--12:46: _IMBA launches trail...
- 02/27/18--13:22: _Fox: Q4 sales up 9%...
- 02/27/18--16:06: _Stuart Johnson to l...
- 02/28/18--07:16: _NAHBS: Voting for P...
- 02/22/18--12:26: MassBike looks for next leader as Fries steps down
- 02/22/18--12:43: Couple retires from Wall Street to open Pedego store
- 02/23/18--08:27: Dainese Trail Skins 2 balance comfort, protection
- 02/23/18--09:53: SRAM neutral race support sets schedule for 2018
- 02/23/18--10:08: PeopleForBikes lines up speakers for May conference
- 02/26/18--09:51: Spokes Etc. to take over Freshbikes’ Arlington store
- 02/26/18--11:23: BSD introduces MAP policy
- 02/26/18--11:38: Park Tool crosses 100K-subscriber mark on YouTube channel
- 02/26/18--12:04: Camber Outdoors taking applications for Pitchfest
- 02/26/18--13:48: E-Thirteen revamps TRS+ dropper seatpost
- 02/26/18--16:59: Former owner purchases Southwest Colorado bike shop
- 02/27/18--08:25: Fallbrook Technologies files for Chapter 11, names Roger Wood CEO
- 02/27/18--08:41: Former retailer Seton Claggett joins e-commerce consulting firm
- 02/27/18--12:12: Po Campo combines backpack and pannier into one bike-friendly bag
- 02/27/18--13:22: Fox: Q4 sales up 9% overall; bike products up 7.5%
- 02/27/18--16:06: Stuart Johnson to lead ANA's omnichannel efforts
- 02/28/18--07:16: NAHBS: Voting for People's Choice Award closes tomorrow
BOSTON (BRAIN) — Richard Fries will step down as executive director of the Massachusetts Bicycle Coalition. Fries, who served as executive director of the advocacy group for three years, will retain a position on the organization’s board of directors.
Fries, 57, has accepted a position as director of cycling experience with Best Buddies International, which operates three charity cycling events.
“This has been without a doubt the most passionate and challenging and nourishing job of my life. The board, the members, the volunteers and notably the leaders of other advocacy groups have provided amazing guidance to me. Most important to me has been this amazing staff, which will be hard to leave,” said Fries. “Ultimately I had to do what was right for my family.”
Fries’ final day will be March 20. He will serve in an advisory capacity during the transition to new leadership. Deputy director Tom Francis will serve as interim executive director while the nonprofit begins the search for Fries' replacement.
FOUNTAIN VALLEY, Calif. (BRAIN) — Pedego announced that a new store has opened in Fort Myers, Florida. The store is co-owned and operated by husband and wife Skip and Lisa Badolato, who left their Wall Street jobs after 30 years and moved to open Pedego’s 116th store.
“At fifty-something, we wanted a second career where we could make a positive impact on our customers’ lives, as well as our own,” Skip Badolato said. “Riding and falling in love with these bikes is a life-changing experience that we wanted to share with others.”
“We first fell in love with Pedego bikes while living in Spring Lake, New Jersey,” Lisa Badolato added. “We are delighted to open Pedego Fort Myers and share the fun, health and wellness benefits with our customers here in sunny Florida.”
The Fort Myers store offers sales and rentals of Pedego electric bikes. The store is located at Legacy Harbour Marina in the historic River District of Fort Myers, where riders can cruise along the waterfront. The shop plans to offer guided tours on scenic paths to Fort Myers Beach, Estero Beach and Lovers Key, as well as Boca Grande, Venice, Estero, Pine Island, Matlacha, Cape Coral, Sanibel and Captiva Islands.
A grand opening party is set for Friday and Saturday, March 2-3. Marc Sullivan, retired baseball player with the Boston Red Sox and Fort Meyers Mayor Randall P. Henderson Jr. were scheduled to be guests.
COSTA MESA, Calif. (BRAIN) — Blending mobility and protection, the low-profile design of the Trail Skins 2 knee guards delivers unrestricted pedaling and all-day comfort while still meeting European standards for impact protection.
Additional side padding bolsters protection against the most common crashes, and dual micro-adjustable elastic bands ensure a customized fit. The pads feature Dainese’s proprietary Pro-Armor material and an innovative design to achieve a high level of protection and extreme flexibility.
Suggested retail: $84.99.
More information on the Dainese website.
CHICAGO (BRAIN) — SRAM’s neutral service team will help riders get back to racing at top professional races and grass-roots events around the globe in 2018. The crew's schedule of events this year includes the Sea Otter Classic, Amgen Tour of California, Amgen Women’s Tour, Prudential Ride London, Dirty Kanza, Rebecca’s Private Idaho, U.S. National Road Championships, Herald Sun Tour and the Australian Road & Criterium National Championships.
Veteran technician Mark Niemiec, who brings more than 20 years of experience in event and rider support, will guide SRAM’s 2018 NRS effort.
“I’m proud to continue SRAM’s legacy of first class event and rider support. For 2018, we will be adding U.S. Nationals to our calendar, which is such an exciting and personal experience, and really nothing beats helping riders fulfill their dreams of racing for a national title,” Niemiec said.
SRAM NRS will continue with road and 'cross frames provided by Canyon. The bikes will be equipped with SRAM RED eTap, Zipp NSW wheels, Zipp Service Course SL handlebars, stems and seatposts, and Zipp’s Tangente tires.
The complete list and schedule of SRAM NRS supported events is available at SRAM.com.
Additionally, SRAM will bring continued support to riders across the country through the sponsorship of NRS & Events LLC, an independent, fee-for-service provider. Formerly title sponsored by SRAM, NRS & Events LLC will continue to provide neutral service at a broad range of U.S.-based events featuring bikes equipped with SRAM and Zipp.
BOULDER, Colo. (BRAIN) — PeopleForBikes has announced some of the keynote speakers to headline its second annual PlacesForBikes Conference coming up May 1-3 in Indianapolis. The conference aims to bring together leaders to focus on the challenges and opportunities of building bicycle infrastructure.
Among the speakers this year are Valerie Jarrett, former adviser to President Obama and a senior distinguished fellow at the University of Chicago Law School; Manuel Calvo, mastermind of Seville, Spain's bicycle network, and sustainability senior consultant for EstudioMC; Doug Gordon, writer and producer of BrooklynSpoke.com; and Toks Omishakin, assistant commissioner and chief of the bureau of environment and planning at the Tennessee Department of Transportation.
Conference topics include planning complete bike networks, building more equitable communities, finding funding and engaging nontraditional partners, overcoming bikelash, making the business case for bicycling, and speeding project delivery and measuring success.
More than 35 other experts will speak about building connected bicycle infrastructure, fostering political leadership and more.
Indianapolis is home to the Indianapolis Cultural Trail and attendees will experience the community benefits of the Cultural Trail and Indy's improving bike infrastructure.
Early bird registration ($450) ends March 18. Registration is limited to 450 attendees. Regular registration fees are $600. To register, go to the PlacesForBikes website.
ARLINGTON, Va. (BRAIN) — Jim Strang, president of Spokes Etc., hopes to re-open the recently shutteredArlington location of Freshbikes by end of March. The store will expand the Northern Virginia chain to six locations. Strang said Spokes Etc. will take over the lease. The store is fully built out so move in should be easy.
“We realized that Scott [McAhren] had a great business out of there,” Strang said. “That store had been there for 11 years and in an urban location where it did a great job catering to high-end road customers. Scott opened two additional stores in Fairfax and Bethesda and I think those stores didn’t do what he thought they would do. I think that’s what got him into trouble.
“Scott’s been very cooperative over the last two to three months we’ve communicated with him. He had a special thing going on there. I’ve never seen someone go from zero to 60 that quick, within three to four years it was a premier road store in the U.S. He did a phenomenal job. But I know it’s been tough for him. We’re excited about getting in there,” he added.
Strang said the store will stock his main brands, which are Specialized and Trek, and he plans to pick up one or two boutique bike brands to complement them.
“We’re going to try to keep Scott’s model, more oriented at the high-end market, which was successful,” he said. “I think the market is definitely still there. We’re going to be a full-service bike shop.”
Strang has rehired one former employee and is talking to a few others about coming onboard. The new store will be rebranded as Spokes Etc.
Spokes Etc. took over some repair and warranty bikes from Freshbikes when it shuttered. The retailer plans to reach out to Freshbikes’ customers about the change in ownership, and aims to keep serving the dense and affluent road clientele of that area of Arlington.
BLOOMINGTON, Minn. (BRAIN) — Scottish BMX brand BSD has rolled out a MAP policy aimed at ensuring that BSD retailers won’t be undercut online or in-store.
“BSD is already well-known in core BMX shops, but this new MAP policy will push it to the forefront for retailers who have a smaller BMX category,” said Dan Maier, distribution product manager at QBP, BSD’s primary U.S. distributor. “Very few BMX brands have a MAP policy, so for many shops, the decision of whether to stock BSD or not just got a lot easier.”
The MAP policy took effect Jan. 1 and can be viewed on QBP’s website.
ST. PAUL, Minn. (BRAIN) — Park Tool announced it has surpassed 100,000 subscribers to its YouTube channel, where viewers can learn how to tweak, adjust and fix their bikes from Calvin Jones, the company’s director of education and master mechanic.
“A few years back we made a conscious decision to offer bike repair help and product information for free on our YouTube channel. Our goal was to take away the intimidation of working on a bike and show that it is much easier to do than people think,” Park Tool owner and president Eric Hawkins said. “We have a wide range of videos geared toward both the home mechanic and the professional. We hired three full-time people to help produce these videos and we are more than thrilled that over 100,000 people have subscribed to our channel.”
The Park Tool YouTube Channel has had more than 14 million views of the 414 videos on the site, with viewership in more than 190 countries.
To see the full Park Tool video library, visit www.youtube.com/parktool.
BOULDER, Colo. (BRAIN) — Camber Outdoors has put out a call for applications for Pitchfest 2018. Now in its fourth year, Pitchfest combines a 10-week intensive mentoring program for women-led businesses with a live “pitch” event to some of the active-outdoors industries’ most influential CEOs, entrepreneurs, investors, and thought leaders. Selected finalists will present at Pitchfest on July 22, 2018 in Denver, Colo., prior to Outdoor Retailer Summer Market. The deadline to apply is March 30, 2018.
“Pitchfest gives women entrepreneurs a platform to dig into immediate growth opportunities that will accelerate their business and its impact on the outdoors,” said Deanne Buck, executive director of Camber Outdoors. “Through these women, we are inspired as an organization to see how they are shaping the future of the active-outdoor industries.”
Finalists are chosen based on the strength of their application, ability to differentiate, potential for scale and growth, involvement and/or impact on the outdoor experience, and understanding of growth hurdles. Each finalist is paired with a mentor who will advise them on articulating the opportunities most critical to their business’ growth. They will then live pitch their business to the judging panel to gain insight, visibility and feedback.
“Pitchfest was the most impactful program I participated in all year,” said Gloria Hwang, co-founder of helmet brand Thousand and 2017 Pitchfest finalist. “The mentorship, network and visibility I walked away with helped me understand and take my business to the next level.”
Finalists will be selected based company traction (able to demonstrate revenue and market traction; ownership/leadership (business must be founded or co-founded by a woman and at least 1/3 women-owned); industry focus (business focus must directly relate to or contribute to the active-outdoor industries); availability (applicants must pitch their business in person on July 22 in Denver, Colo.).
“The most valuable thing I got from Pitchfest was a dose of confidence and a sense of validation,” said Maria Boustead, who pitched her business, Pocampo, at Pitchfest 2016. “Working with my mentor to put together my pitch brought me a lot of clarity around my successes and my challenges going forward. When I look back over the my company’s history, I look at things through the lens of pre-Pitchfest vs. post-Pitchfest.”
Funded in part by The REI Foundation’s Mary Anderson Legacy Grant, Pitchfest was launched in 2015 as the cornerstone of Camber Outdoors’ programming to support and accelerate women’s leadership and participation in the outdoors. Since then, 26 women have live pitched their business plans to a distinguished panel of active-outdoor industries executives and a room full of investors, entrepreneurs and industry leaders. The mentoring and feedback they’ve received have helped Pitchfest participants increase their business sustainability and growth.
PETALUMA, Calif. (BRAIN) — E-Thirteen has updated its TRS+ dropper post with new internals and a revised bushing layout to make the 170-millimeter-stroke post shorter in overall length than E-Thirteen’s 150-millimeter post.
“Our 170-millimeter seatpost uses the same fully mechanical, coil-sprung, cable-actuated internals that don't require bleeds, won't sag out, and can be serviced at home with a basic set of tools,” E-Thirteen stated. “With less internals, there’s also less to go wrong. To top it off, we've updated many of our existing internals to better function in both short and long term.”
The post a shifter-style lever that pivots on cartridge bearings and a heat-treated cable-actuated cam to lock the post into one of four positions. The fully mechanical design requires no bleeding or nitrogen charging, and the post can be fully disassembled and serviced using common shop tools.
Suggested retail: $279
More information at The Hive’s website.
VANCOUVER, British Columbia (BRAIN) — The debate over gun control in the wake of a mass shooting at a Florida high school has sent rippling waves that have reached the bike industry. Consumers and retailers began calling for a boycott of bike brands owned by gun and ammo supplier Vista Outdoor last week, and the movement continues to gain steam on social media under the hashtag #vistaoutdoor.
Mountain Equipment Co-Op, an outdoor retailer with more than 20 stores that sell bicycles along with other outdoor gear throughout Canada, issued a statement on Twitter this morning in response to mounting pressure from the co-op’s members to drop brands owned by Vista.
A petition on Change.org asking that Mountain Equipment Co-Op stop selling Vista-owned brands had nearly 2,000 signatures by Monday morning.
MEC issued a statement on Twitter:
Here's an update from MEC pic.twitter.com/t08bpveVPH
— MEC (@mec) February 26, 2018
A similar petition on Change.org addressed to REI’s CEO Jerry Stritzke was launched shortly after.
Attempts to reach REI for comment were not immediately answered.
Meanwhile, several bike shops in Portland, Oregon, told BikePortland.org last weekthat they would stop buying or carrying the brands.
Many also went public with their position on Vista Outdoor on social media. Portland retailer Velo Cult Bike Shop posted on its Facebook page, “Velo Cult does not and will never carry any products from Bell, Giro, Blackburn, CamelBak, Copilot or any other subsidiaries of Vista Outdoor. Any company which manufactures guns and ammunition is profiting directly from the NRA and is complicit in its agenda. Let’s keep this about the NRA and not the guns. The NRA sucks.”
Sellwood Cycle owner Eric Tonkin posted on the store’s Facebook page, “Sellwood Cycle Repair will support a boycott of Vista Outdoor. This means we will not buy products from Bell, Giro, Blackburn and CoPilot — and that we could even return existing inventory, which is substantial.”
Dealers in other parts of the country also voiced their anti-gun/anti-NRA stance with their stores. Jimmy Flaherty of Parkside Bikes with two stores in Louisville, Kentucky, said the stores would stop carrying all Vista brands and return their entire preseason order.
“We just found out about Vista’s gun and ammunition business,” Flaherty told BRAIN in an email. “As far as percentage of sales, we were essentially 99 percent Giro for helmet sales. Not sure where we are moving that section of the business to yet.”
Kent Cranford, owner of Motion Makers Bicycle Shop in Asheville, North Carolina, said he’s keeping his ears open and listening to customers. His store only carries one of Vista’s brands, CamelBak, and he isn’t boycotting the brand just yet.
Cranford, who also serves as second vice chair on the NBDA board of directors, said he hopes dealers use their voice to persuade Vista to take a stand for gun control laws. “Hopefully it doesn’t hurt anyone’s business because this winter has already done that,” he added.
Vista Outdoor acquired the BRG Action Sports businesses, including Bell, Giro and Blackburn, in February 2016 for $400 million. It bought CamelBak in July 2015 for $412 million, and also owns eyewear brand Bollé, which it hopes to sell off. The company, which trades on the NYSE under the VSTO symbol, has seen slumping sales in its core ammunition and firearms segments.
Shooting sports, which comprises its firearms and ammunition brands, saw third-quarter sales decline 21 percent to $286 million. Gross profits were down 47 percent in that segment, according to its latest financial earnings. Vista Outdoor owns 13 shooting sports brands.
BRAIN’s calls and emails to Vista Outdoor for comment on the potential impact from consumer and retail boycotts were not immediately returned.
DURANGO, Colo. (BRAIN) — Longtime retailer David Howard is back in the bike business again following a 12-year hiatus.
In 1989, Howard visited Durango on vacation, rented a mountain bike and didn’t return to Texas. He opened a bike rental company, in nearby Pagosa Springs, and in 1992, he relocated to Durango where his business morphed into a full-service shop.
Howard operated Pedal the Peaks until 2004 when he sold the shop to employee Cliff Pinto and moved back to Texas where he worked in the auto industry. Last summer, Pinto approached Howard and his wife about buying Pedal the Peaks. The deal closed in late October.
“It was a good offer we couldn’t pass up. We weren’t pursuing it, but we had always wanted to return here. We own property here and have always come back to visit,” Howard said. “Cliff had moved to Silverton where he opened a second location. He owns that store and we own this one in Durango.”
The Howards returned to Southwest Colorado with their two daughters in January and are in the process of remodeling the 1,000-square-foot store. Housed in an old garage, the shop is getting new flooring, fresh paint, a revamped bathroom and new wall treatments. Howard said the remodel should be finished by early March.
Pedal the Peaks carries Ibis, Transition and other brands, and also offers rentals. The service-oriented shop focuses mostly on mountain bikes and has five employees, who were retained when Howard bought the shop.
Howard said that in the time he was away from Durango, the town has become more cycling oriented.
“The community has become so cycling friendly. The city just sponsored a ride-to-work day and we did 55 mini tuneups at the event. It was our first time doing it, and it was great,” he said. “Our trail advocacy group, Trails 2000, and their sponsors also continue to build trails here. It’s really nice to be back in the industry and back in Durango.”
CEDAR PARK, Texas (BRAIN) — Fallbrook Technologies Inc., licensor and developer of NuVinci's continuously variable planetary transmission technology, has filed for Chapter 11 reorganization. The company also said it has hired Roger Wood, former CEO of publicly traded Dana Holding Corporation, as CEO and chairman of the board.
NuVinci Cycling was rebranded as Enviolo earlier this year, as it was split off from parent Fallbrook Technologies. At the time, the company said the division would operate more independently from Fallbrook.
In an email to BRAIN, David Hancock, managing director for Enviolo, said, "It’s business as usual for us at Enviolo. To answer the top three questions that we are getting from our customers right now: All outstanding and future orders will ship on time, our lead times will stay very short (30 days on existing products and 60 days on new products). All warranties will be honored and processed the same way they have been in the past many years. All spare part inventories will be maintained at our warehouse and can ship the same day as requested (in most cases) or in a worst case, the next day after request."
"Nothing will change in Enviolo’s operations," Hancock added. "I also want to stress the point that Fallbrook, our parent company, does have financing in place, both during the filing as well as post-exit from filing."
In a press release announcing the filing for reorganization, Fallbroook said the new CEO Roger Wood is being tasked with implementing a financial restructuring that substantially reduces debt and recapitalizes the company through Chapter 11. As part of the filing, the company entered into a restructuring support agreement with some of its largest creditors. In addition, subject to Bankruptcy Court approval, Fallbrook has an agreement to secure debtor-in-possession financing as well as post-exit financing.
Wood is credited with driving significant improvements in Dana’s performance and profitability in the automotive supply industry. He also drove the decision at Dana to license the NuVinci technology in 2012.
"I have seen this company grow from an idea to a reality where Fallbrook’s transformational technology can revolutionize multiple industries," Wood stated in the press release. “We are closer than ever to a future where NuVinci is the mechanical standard to improve any system with an engine, pump, motor, or geared transmission system.
“This restructuring will best position Fallbrook to grow the NuVinci CVP technology and expand our community of licensees. We are thankful to our dedicated employees who remain focused on the advancement of Fallbrook’s innovative and unique technologies supporting applications across multiple markets," Wood added. “I thank my predecessor, William Klehm for his efforts and dedication to the company.I look forward to my new role at Fallbrook.”
TUCSON, Ariz. (BRAIN) — Retail veteran Seton Claggett has been named managing director and lead consultant of Fortus, a firm focused on e-commerce and omnichannel consulting. Claggett will work with companies in the bike and outdoor industries.
Claggett was the founder and CEO of TriSports.com for the last 18 years. As CEO of one of the largest triathlon retailers, he offers extensive experience in e-commerce, retail, manufacturing, race production, operations, fulfillment and marketing.
Claggett said he realized there was a great need, specifically in the manufacturing arena, to assist with the transformation from business to business models to direct to consumer models, as well as helping retailers optimize their online presence.
“I really enjoyed working with other companies in the industry during my time as CEO of TriSports.com,” said Claggett. “After the business was sold I was approached by several CEOs, both retailers and manufacturers, for advice and to assist with a wide array of topics from contract negotiation, to operational optimization, to helping
start up direct to consumer operations. I am really looking forward to using what I have learned over nearly two decades of e-commerce experience to help other companies not just survive, but thrive.”
More information on Fortus at its website.
CHICAGO (BRAIN) — Po Campo's new Irving Backpack Pannier is an easily interchangeable bag that works equally well as a comfy backpack or a sturdy pannier and converts between the two in seconds.
The Irving attaches to a bike's rear rack with super-strong Fidlock magnetic buckles. A third bottom carabiner clip at the bottom of a rack further stabilizes the point of connection. Riders can flip the backpack straps to the front and clip together, revealing the hi-viz lining.
To revert the pannier back to a backpack, riders simply flip the backpack straps back to their normal position. The magnetic buckles are buried in the backpack foam so they aren't felt when a rider wears the bag on their back. Elastic straps can be used to carry a helmet or a jacket while walking around.
The Irving is made of weather-resistant PU-coated fabrics and includes reflective details on the sides. It has three exterior pockets and four interior pockets including a padded laptop pocket.
It retails for $129.99. Po Campo donates a share of sales to World Bicycle Relief to supply bikes to girls in rural Africa so that they can get to school.
Retailers can apply to become a Po Campo dealer on its website or call (844) Po-Campo, ext 503, to set up an account.
BOULDER, Colo. (BRAIN) — The International Mountain Bicycling Association (IMBA) and the Walton Family Foundation are partnering to present new Trail Labs educational programming and matching Trail Accelerator grants to bring more trails to communities across the U.S.
With support from Visit Bentonville and the Walton Family Foundation, IMBA will host three Trail Labs in Bentonville, Arkansas, where attendees can learn what it takes to create a model trail community. Classroom-style workshops and field-based tours in key Oz Trails locations will highlight best practices in one of Northwest Arkansas’ IMBA Ride Centers.
Alongside Trail Labs, IMBA’s new Trail Accelerator grant fund will support communities with visions for model trails, IMBA stated in a release. The grant will be matched dollar for dollar by the Walton Family Foundation, and is poised to become IMBA’s largest trail fund in history.
“We know mountain biking changes lives, but often a trail project needs an initial boost to get started. We’re excited to highlight the model trail communities of Bentonville and Northwest Arkansas and the lessons learned there,” said Dave Wiens, IMBA’s executive director. “This partnership will deliver communities the tools they need to create their own model trail vision. Together we can accelerate so many trail projects, bringing us closer to our vision of everyone having a place to ride a mountain bike.”
The Trail Accelerator grant fund will be a competitive grant offering for communities in need of more trails to get started with building better places to ride. Awardees will receive professional trail planning and consultation services and funding to launch their trail development efforts. IMBA will work with funders to seed the nationwide grant fund. Matching grant money from the Walton Family Foundation will used for projects, up to $250,000.
“Northwest Arkansas is witnessing the transformative power of trail building—from developing active neighborhoods to increasing tourism and strengthening the local economy,” said Tom Walton, Walton Family Foundation Home Region Committee chair. “Our cities can serve as trail labs of what’s possible for communities in the American Heartland."
The first Trail Lab will be held June 20-22, 2018. Following the three hosted in Bentonville, future Trail Labs will branch out to other communities across the country in 2019, IMBA stated.
SCOTTS VALLEY, Calif. (BRAIN) — Fox Factory Holding Corp. reported Tuesday that overall sales increased 8.6 percent to $121.1 million in the final quarter of 2017. That's up from $111.6 million for the same period the year before.
The increase reflects a 9.6 percent increase in sales of powered vehicle products and a 7.5 percent increase in sales of bike products, the company noted.
Sales of powered vehicle products were up thanks to high demand for on- and off-road suspension products including aftermarket accessory packages. The increase in sales of bike products primarily reflects new product introductions, favorable model year spec placements, and strong sell-through with certain higher-growth OEMs, Fox Factory said in a press release.
"We are pleased with our finish to fiscal 2017. The strength of our product lineups for both bike and powered vehicles fueled our financial results for the year," said Larry L. Enterline, Fox's CEO.
Enterline told analysts during an earnings call Tuesday afternoon that Fox was comfortable with overall inventory levels for products in both bike OEM and aftermarket sales channels.
Gross margin was 32.3 percent for the fourth quarter of fiscal 2017, a 180 basis point increase from gross margin of 30.5 percent in the fourth quarter of fiscal 2016. The improvement was primarily due to improved manufacturing efficiencies as well as favorable product and customer mix.
Meanwhile, operating expenses were up, reaching $23.1 million for the quarter, compared with $20.6 million in the fourth quarter of fiscal 2016.
Net income in the fourth quarter was $2.9 million, compared with net income of $9.8 million in the fourth quarter of the prior fiscal year. Earnings per diluted share for the fourth quarter of fiscal 2017 was 7 cents, compared with earnings per diluted share of 26 cents for the fourth quarter of fiscal 2016.
Full-year performance and 2018 forecast
Sales for the year ended Dec. 29, 2017, were $475.6 million, an increase of 18 percent compared with 2016. Sales of powered vehicle and bike products increased 30.5 and 8.2 percent, respectively.
Gross margin was 32.5 percent for the full year, a 110 basis point increase compared with gross margin of 31.4 percent in fiscal year 2016. The improvement in gross margin was primarily due to improved manufacturing efficiencies as well as favorable product and customer mix, the company said. Net income was $43.2 million, compared with $35.7 million in fiscal 2016. Earnings per diluted share for fiscal year 2017 was $1.11, compared with 94 cents in fiscal 2016.
Fox expects sales in the first quarter of this year to be in the range of $121 million to $127 million and non-GAAP adjusted earnings per diluted share in the range of 30 to 35 cents. For the fiscal year 2018, Fox Factory expects sales in the range of $542 million to $570 million and non-GAAP adjusted earnings per diluted share in the range of $1.66 to $1.84.
Mario Galasso, executive vice president and chief technology officer, noted during the Q&A portion of the earnings call that Fox was "cautiously optimistic" about its bike business this year.
"For our segment, the premium performance mountain bike, the sentiment is pretty good," he said. "It's in general better than the overall bike market. We're excited about the reception of model year 2019 products, which so far have been received well. We're happy about sell-in with spec. We're still waiting to see how that sells through. ... In our category, I think inventory at retail and for the OEs and diferent points in the channel is probably teed up well to accept model year '19. Fill-in orders will depend on the strength of how sell-through goes."
KENT, Wash. (BRAIN) — Accell North America, parent of Raleigh, iZip, Haibike, Diamondback and Redline, has hired Stuart Johnson as its chief marketing and digital officer, a new position created to support its recently launched omnichannel distribution program.
“Our new omnichannel strategy is 110 percent about positioning the IBD to successfully engage and serve today’s connected bicycle consumer," Johnson said in a press release. "My role is to help this company and team create and deliver exceptional brand experiences for the end consumer and renew growth for the company and our IBD customers alike. I’m fired up to build on the successful launch of ANA’s omnichannel strategy in 2018 and beyond.”
As CMO/CDO, Johnson will drive integration and consistency across all consumer touch-points through combined leadership over brand, product end-consumer and wholesale customer experience. He will focus on leading brand management — including product portfolio and innovation — online channel and consumer experience as well as customer care.
Johnson comes to ANA with more than two decades in traditional strategy, brand management and innovation ranging from leading global consumer brands to start-ups. He has led businesses to double- and triple-digit growth during his career, and his experience spans many industries including consumer packaged goods, food and beverage, retail, e-commerce, athletic footwear and apparel, and sporting goods.
Johnson is a graduate of the University of Colorado in Boulder, and he has an MBA from Babson Graduate School of Business. He's also an accomplished ultra-distance athlete.
Aside from its portfolio of bike brands, ANA also is the largest investor in mobile retail franchisor Beeline Bikes.
HARTFORD, Ct. (BRAIN) — The North American Handmade Bicycle Show this year has opened up voting for the People's Choice Award to everyone. Bike enthusiasts can vote for their favorite bike displayed at NAHBS online. The bike with the most votes will be named the official winner. Voting ends this Thursday, March 1, at 6 a.m. EST.
The bikes up for the award represent the best from this year's registered exhibitors. The list is alphabetical. To vote, just click on the "like" button. Once you click on "like" that is the vote and it cannot be changed. One vote is allowed per person.
Go here to vote.